FOPIX vs. AVDVX

Last updated Aug 4, 2026

FOPIX (Fidelity Advisor International Small Cap Opportunities Fund Class I) and AVDVX (Avantis International Small Cap Value Fund Institutional Class) are both Foreign Small & Mid Cap Equities funds. Over the past 5 years, FOPIX returned 3.64%/yr vs 13.92%/yr for AVDVX. Their correlation of 0.85 means they have usually moved in the same direction. FOPIX charges 1.24%/yr vs 0.36%/yr for AVDVX.

Performance

FOPIX vs. AVDVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor International Small Cap Opportunities Fund Class I (FOPIX) and Avantis International Small Cap Value Fund Institutional Class (AVDVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FOPIX achieves a 5.49% return, which is significantly lower than AVDVX's 13.88% return.

FOPIX

• 1D: -0.77%
• 1M: -1.12%
• 6M: 1.95%
• YTD: 5.49%
• 1Y: 10.49%
• 3Y*: 13.55%
• 5Y*: 3.64%
• 10Y*: 8.90%
• ALL TIME*: 7.11%

AVDVX

• 1D: -1.11%
• 1M: 0.81%
• 6M: 5.79%
• YTD: 13.88%
• 1Y: 35.11%
• 3Y*: 24.46%
• 5Y*: 13.92%
• 10Y*: —
• ALL TIME*: 14.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVDVX Avantis International Small Cap Value Fund Institutional Class	$0.00	$0.00	$0.00
FOPIX Fidelity Advisor International Small Cap Opportunities Fund Class I	$0.00	$0.00	$0.00

FOPIX vs. AVDVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FOPIX Fidelity Advisor International Small Cap Opportunities Fund Class I	5.49%	25.00%	4.06%	16.88%	-28.91%	17.64%	19.57%	4.27%
AVDVX Avantis International Small Cap Value Fund Institutional Class	13.88%	48.24%	8.41%	16.75%	-10.88%	15.46%	5.65%	5.61%

Correlation

The correlation between FOPIX and AVDVX is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (All Time) Calculated using the full available price history since Dec 4, 2019	0.85

The correlation between FOPIX and AVDVX has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

FOPIX vs. AVDVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FOPIX

FOPIX Risk / Return Rank: 20
FOPIX Sharpe Ratio Rank: 20
FOPIX Sortino Ratio Rank: 20
FOPIX Omega Ratio Rank: 19
FOPIX Calmar Ratio Rank: 20
FOPIX Martin Ratio Rank: 22

AVDVX

AVDVX Risk / Return Rank: 82
AVDVX Sharpe Ratio Rank: 87
AVDVX Sortino Ratio Rank: 82
AVDVX Omega Ratio Rank: 81
AVDVX Calmar Ratio Rank: 81
AVDVX Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FOPIX vs. AVDVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor International Small Cap Opportunities Fund Class I (FOPIX) and Avantis International Small Cap Value Fund Institutional Class (AVDVX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FOPIX	AVDVX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	2.17	-1.38
Sortino ratio: Return per unit of downside risk	1.22	2.96	-1.74
Omega ratio: Gain probability vs. loss probability	1.15	1.39	-0.24
Calmar ratio: Return relative to maximum drawdown	1.04	2.79	-1.76
Martin ratio: Return relative to average drawdown	3.27	10.00	-6.73

FOPIX vs. AVDVX - Sharpe Ratio Comparison

The current FOPIX Sharpe Ratio is 0.80, which is lower than the AVDVX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FOPIX and AVDVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FOPIX vs. AVDVX - Drawdown Comparison

The maximum FOPIX drawdown since its inception was -72.69%, which is greater than AVDVX's maximum drawdown of -43.06%. Use the drawdown chart below to compare losses from any high point for FOPIX and AVDVX.

Drawdown Indicators

	FOPIX	AVDVX	Difference
Max Drawdown Largest peak-to-trough decline	-72.69%	-43.06%	-29.63%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-12.92%	+1.92%
Max Drawdown (3Y) Largest decline over 3 years	-12.40%	-13.84%	+1.44%
Max Drawdown (5Y) Largest decline over 5 years	-40.75%	-27.37%	-13.38%
Max Drawdown (10Y) Largest decline over 10 years	-40.75%	—	—
Current Drawdown Current decline from peak	-2.99%	-3.57%	+0.58%
Average Drawdown Average peak-to-trough decline	-18.35%	-6.64%	-11.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	3.60%	-0.12%

Volatility

FOPIX vs. AVDVX - Volatility Comparison

The current volatility for Fidelity Advisor International Small Cap Opportunities Fund Class I (FOPIX) is 4.31%, while Avantis International Small Cap Value Fund Institutional Class (AVDVX) has a volatility of 5.59%. This indicates that FOPIX experiences smaller price fluctuations and is considered to be less risky than AVDVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FOPIX	AVDVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	5.59%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	11.91%	14.33%	-2.42%
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	16.62%	-2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	16.91%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	19.42%	-3.52%

FOPIX vs. AVDVX - Expense Ratio Comparison

FOPIX has a 1.24% expense ratio, which is higher than AVDVX's 0.36% expense ratio.

Dividends

FOPIX vs. AVDVX - Dividend Comparison

FOPIX's dividend yield for the trailing twelve months is around 11.02%, more than AVDVX's 9.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDVX Avantis International Small Cap Value Fund Institutional Class	9.20%	10.48%	4.35%	3.52%	3.33%	4.23%	1.35%	0.39%	0.00%	0.00%	0.00%	0.00%
FOPIX Fidelity Advisor International Small Cap Opportunities Fund Class I	11.02%	11.62%	6.34%	3.73%	6.43%	8.85%	0.00%	1.04%	2.95%	1.31%	1.49%	0.47%

Frequently Asked Questions

Can I hold both FOPIX and AVDVX in my portfolio?

FOPIX and AVDVX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FOPIX or AVDVX?

AVDVX has higher volatility (5.59%) compared to FOPIX (4.31%). In terms of maximum drawdown, FOPIX dropped -72.69% vs AVDVX's -43.06%.

Which has better risk-adjusted returns?

AVDVX currently has the higher Sharpe Ratio (2.17 vs 0.80), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.